Converting or Amending Profit Sharing into SIMPLE

[Guest lavander30]

I am new to working with IRA products. Is it possible to convert a profit sharing plan to a SIMPLE IRA or SIMPLE 401k plan? If so, what all is involved in converting the plan?

[Gary Lesser]

A qualified plan can be converted to a 401(k) simple. See Rev Proc 97-9 for starters.